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US federal deficit reaches one trillion dollars
Tuesday, 14 July 2009
The US federal deficit has topped one trillion dollars for the first time in the country's history and could reach a massive two trillion by this autumn.
The deficit has been significantly widened by the huge sum the Obama administration has spent in an effort to stimulate the economy out of recession.
A sharp decline in tax revenues is also a major contributory factor, as well as the ongoing wars in Iraq and Afghanistan.
The increasing deficit is intensifying fears about higher interest rates, inflation and the strength of the dollar.
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